The Growing Pandemic
As the COVID-19 pandemic continues to spread globally and ravage the world economy, businesses are continually being placed under an unprecedented situation. With lockdowns being enforced in various countries, companies will be facing adverse economic impacts for the foreseeable future.
Layoffs, pay cuts, salary freezes and furloughs will become increasingly prevalent as companies attempt to cut costs. The continuing uncertainty and cost-saving methods implemented to tackle these economic difficulties could, however, damage your employer branding.
So how can a business preserve and even improve employer branding even during an economic downturn?
What is Employer Branding?
Employer Branding is simply how you market your company. The vibes given out will influence the perception of your company as an employer. Showcasing the company’s unique work culture, employee nurturing and values can help define your organisation to your targeted talent as well as part of your retention strategy.
Employer Branding Matters!
There is a growing consensus among business owners and leaders that a greater emphasis should be placed on improving employer branding. It is becoming strategically important for corporations to achieve different objectives.
Attracting and retaining talent is essential to secure long-term talent development. Landing the best employees from the talent pool is key to growing any business. As, at the end of the day your company is only as good as its people.
Organisations with a strong and reputable brand can receive up to double the number of applications. This is essential considering the job market is shifting towards a job candidate driven market.
Businesses with strong employer branding typically have employees who are also more engaged and therefore motivated. This usually translates into job satisfaction, which reflects well on the company’s image.
Research from the Havard Business Review has also shown that companies with bad or little employer branding spend at least 10% more per hire. Many job seekers are unwilling to join companies with a bad reputation and even a 10% increase would lure less than 30% of potential employees. Enterprises that have put limited effort in employer branding will need to pay a premium compared to those who have built up a strong brand.
Ensure you’re not one that has to pay the premium, by partnering with us to help build your brand.
How to Protect Your Brand Even When Implementing Cost-Saving Measures
Many employers are in a difficult situation. Balancing cost-saving measures with preserving the company brand can be a daunting task. Decision makers want the company to survive through these difficult financial times, but don’t want to risk alienating employees and damaging the working environment.
Any decision you make that will impact employees can instantly change the way people perceive the company. Company culture, reputation and branding can take a long time to build, so before making any decision here are some things to consider so you can limit the impact and protect your brand:
- Be Responsible: Although not always possible, try to provide employees with a warning about the steps the company will need to take in the coming future developments.
- Be Honest: Your employees deserve to know the situation. Whether you are planning a restructuring, cutting salaries or furloughing staff, be transparent about the whole process. Employees may empathise with the state of the company and be more accepting.
- Be Fair: Ensure all measures are fair from top to bottom. Reduce resentment between teams and individuals to avoid a toxic atmosphere.
Provide Outplacement Service to Help Your Employee Get Through the Hard Times
If worse comes to worst and the decision to lay off employees comes into fruition, employers can provide those terminated with an outplacement service. Long-term unemployed workers are more likely to express negative opinions about the previous employer online or to former colleagues.
The risk of dismissed staff influencing continuing talent and impacting the company culture cannot be understated. With negativity surrounding the business environment, remaining employees could be lost and attracting good talent in the future would almost be impossible. As building a strong employer branding structure is so important, just one resentful dismissed employee could destroy the foundation of everything you’ve constructed.
An outplacement provider can work with those dismissed and assist them through these difficult times. They can help update their resume, work on financial problems, connect them to new positions and prepare them for the interview process. Provide a tailor-made transition to the next step in their careers, leaving them feeling positive and without bitterness.
Learn more about our outplacement service and see how it can help you.
Protecting your brand is pivotal to when your business returns back to recruitment mode. Continue hiring the best and growing your company!
3 Key Takeaways
It’s Essential to Have Strong Employer Brand
Building a strong employer brand is beneficial to all companies on multiple levels. Receive increased levels of high-quality applications, retain talent and decrease cost per hire.
Minimise Brand Impact When Implementing Cost-Cutting
Always protect your company’s culture and reputation even during difficult economic times. Always be transparent with your employees and provide services like outplacement to get them through the tough times.
Be Ready to Grow Your Business Again
After navigating through the rough economic times with your brand intact, get ready to return to recruiting mode and help your business grow. By partnering with Links you can receive professional recruitment service to find top talent.
- How To Maintain Business Productivity During COVID-19
- Redundancy Laws in Hong Kong – What Employers Need to Know
- Organisational Restructuring: HR Guide to Change Management
- 3 Easy Steps to Strategic HR Crisis Management
- How to Build Your Employer Brand to Hire Top Talent
Links International is an industry leader in innovative HR outsourcing with services such as payroll outsourcing, visa application, Employer of Record (EOR), outplacement, recruitment and more! Contact us for more information on how we can help leverage your HR function.